[amp_mcq option1=”5th July, 1978″ option2=”1st June, 1980″ option3=”10th September, 1973″ option4=”1st January, 1979″ correct=”option3″]
The correct answer is: C. 10th September, 1973.
The Foreign Exchange Regulation Act (FERA) was enacted by the Indian Parliament on 10 September 1973 to regulate foreign exchange transactions in India. The Act was amended several times, most notably in 1978 and 1993. FERA was repealed in 2000 and replaced by the Foreign Exchange Management Act (FEMA).
FERA was enacted in response to the balance of payments crisis that India faced in the early 1970s. The Act was designed to control the outflow of foreign exchange from India and to promote the inflow of foreign exchange into India. FERA also sought to regulate the use of foreign exchange in India.
FERA imposed a number of restrictions on foreign exchange transactions. For example, it required all foreign exchange transactions to be authorized by the Reserve Bank of India (RBI). It also prohibited the holding of foreign exchange by individuals and companies without the permission of the RBI.
FERA was a controversial law. Critics argued that it was too restrictive and that it hampered economic growth. Supporters argued that it was necessary to protect India’s foreign exchange reserves and to prevent the outflow of capital from India.
FERA was repealed in 2000 and replaced by the Foreign Exchange Management Act (FEMA). FEMA is a more liberal law that allows for greater freedom in foreign exchange transactions.
The following are the four options in the question:
A. 5th July, 1978: This is incorrect. FERA was enacted on 10 September 1973.
B. 1st June, 1980: This is incorrect. FERA was enacted on 10 September 1973.
C. 10th September, 1973: This is the correct answer. FERA was enacted on 10 September 1973.
D. 1st January, 1979: This is incorrect. FERA was enacted on 10 September 1973.